IRAY TECHNOLOGY(SH:688301) ZHONGTAI SECURITIES·2024-10-28 06:01Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced revenue pressure in Q3 2024, with a year-on-year decline of 2.91% in revenue and a 9.88% drop in net profit attributable to shareholders [1] - The company continues to increase R&D investment, with R&D expenses accounting for 18.26% of revenue, reflecting a year-on-year growth of 34.58% [1] - The company is a leader in the domestic flat-panel detector industry, focusing on expanding its product and technology offerings despite short-term demand pressures [1] Financial Summary - Revenue: - 2023A: 1,864 million - 2024E: 1,863 million - 2025E: 2,235 million - 2026E: 2,651 million - Growth Rate: 2023A: 20%, 2024E: 0%, 2025E: 20%, 2026E: 19% [1] - Net Profit: - 2023A: 607 million - 2024E: 591 million - 2025E: 767 million - 2026E: 934 million - Growth Rate: 2023A: -5%, 2024E: -3%, 2025E: 30%, 2026E: 22% [1] - Earnings Per Share (EPS): - 2023A: 4.25 - 2024E: 4.14 - 2025E: 5.37 - 2026E: 6.54 [1] - Valuation Ratios: - P/E: 2023A: 28.7, 2024E: 29.6, 2025E: 22.8, 2026E: 18.7 - P/B: 2023A: 4.0, 2024E: 3.6, 2025E: 3.1, 2026E: 2.7 [1] Operational Analysis - The company has seen an increase in accounts receivable turnover days to 138.63 days, reflecting a year-on-year increase [1] - The company’s cash flow from operating activities showed significant improvement, with a net cash flow of 2.48 billion in the first three quarters of 2024, a year-on-year increase of 56.89% [1] - The company’s gross profit margin for the first three quarters of 2024 was 46.62%, a decrease of 5.03 percentage points year-on-year [1]